According to reports dated October 24, 2026, global asset management company Franklin Templeton added approximately $150 million in tokenized money market fund shares on the XRP Ledger, with the relevant token being sgBENJI. Following this issuance, the number of sgBENJI shares on the XRP Ledger increased from approximately 48 million to nearly 193 million, nearly four times the previous size.
On-chain records show that this issuance involved two subscription records of $75 million each, after which the corresponding fund shares were transferred in batches to the same wallet. Based on the price of $1.039 per share in the transaction records, the total value of sgBENJI shares held by this wallet is approximately $200 million. It should be noted that the approximately $150 million added is the amount corresponding to this issuance, while the approximately $200 million is the estimated value of all related shares in that wallet; the two are not the same.
This transaction attracted attention not only because of the relatively large scale of the newly added shares, but also because the sgBENJI shares currently issued on the XRP Ledger are concentrated in a single wallet. However, a single wallet holding all tokens does not directly prove that there is ultimately only one investor. The wallet may correspond to a single holder, or it may be a custody account managing assets on a consolidated basis for multiple clients; as of the time of the relevant report, the specific situation had not been clearly confirmed.
I. What is sgBENJI? How is it different from traditional cryptocurrencies?
sgBENJI is the tokenized fund share of Franklin Templeton's Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund is established in Singapore and mainly invests in short-term U.S. dollar debt and money market instruments, including government-related debt instruments, commercial paper, and bank deposits.
Unlike crypto assets such as Bitcoin or XRP, sgBENJI represents fund shares rather than a native cryptocurrency used solely for trading. Its value is related to the underlying fund assets and the fund's net asset value per share, and related returns are reflected in the share price. The economic rights actually obtained by investors, transfer conditions, and related risks should be subject to the fund documents and applicable rules.
The core idea of tokenized funds is to combine the share record and transfer processes of traditional financial products with blockchain technology. Blockchain can provide queryable transaction records, but on-chain addresses do not necessarily publicly correspond to real-world investor identities. For sgBENJI, on-chain records and the relevant account information managed by the issuer together constitute the share registration and management system, and the ultimate beneficiary cannot be determined solely from a public wallet address.
II. Why is sgBENJI concentrated in one XRP Ledger wallet?
According to relevant on-chain records, the address receiving sgBENJI uses the same eight authorized signing addresses as the issuing account, and transactions require the joint approval of two of these signatures. This is a multi-signature management arrangement that allows account transactions to be controlled by established permissions.
However, this technical information itself cannot explain who actually holds the wallet, nor can it be used to determine that there is an abnormal transaction. In traditional financial business, custodians or service providers may also use centralized accounts to manage the assets of multiple clients. To determine whether this transaction corresponds to a single investor or a pooled account, further information from the issuer or relevant institutions is needed.
Another noteworthy detail is that sgBENJI is not freely holdable by any address without restriction. The relevant arrangements require holders to obtain Franklin Templeton's approval, and the issuer also has the relevant control capabilities to freeze balances or recover tokens. This means that although fund shares are recorded on the blockchain, their transfer and management remain subject to issuance rules and compliance mechanisms.
Therefore, when analyzing this transaction, one should see both the transparency of blockchain records and the permission management mechanisms of tokenized funds, and cannot simply understand it as a completely open, unrestricted decentralized asset.
III. Development of tokenized assets on the XRP Ledger attracts attention
This sgBENJI issuance also brought real-world assets (RWA) and tokenized fund applications on the XRP Ledger back into the market's view. RWA generally refers to presenting the rights and interests of traditional financial assets or real-world assets in token form, such as government bonds, money market fund shares, and other financial products.
According to RWA.xyz data cited in relevant reports, Franklin Templeton ranks second among tokenized asset projects on the XRP Ledger, after Ripple-issued RLUSD and above the Ondo-related project in the ranking at that time. It should be noted that such rankings change with asset issuance, redemption, price changes, and adjustments to statistical calibers, and should be regarded as data at a specific point in time rather than a permanent ranking.
The XRP Ledger is a blockchain network that supports the issuance and transfer of digital assets. It has ecological and business connections with Ripple, but the XRP Ledger itself should not be simply equated with Ripple the company. The issuance of sgBENJI on this network reflects traditional asset management institutions' attempts to use blockchain infrastructure to handle fund share records and transfers, rather than proving that the XRP token itself received an equivalent amount of capital inflow.
In September 2025, Franklin Templeton, DBS, and Ripple announced a collaboration arrangement to explore transactions and related financial services around tokenized money market funds and RLUSD. The relevant plan involves eligible DBS Digital Exchange clients converting between sgBENJI and RLUSD, and exploring the possibility of using fund tokens as financing collateral. This provides background for understanding how traditional financial institutions are trying to connect tokenized funds with digital asset infrastructure, but it cannot be inferred from this that all related functions have been opened to all investors.
IV. What does this issuance mean for the RWA market?
Franklin Templeton's addition of approximately $150 million in sgBENJI shares shows that institutional issuers are continuing to explore bringing traditional financial products such as money market funds onto blockchain networks. For market participants, the key points worth watching include whether more independent holding addresses appear subsequently, whether token transfer activity expands, whether related products obtain broader compliant channels, and whether actual use cases continue to increase.
At the same time, the scale of a single issuance is not sufficient to prove that the entire RWA market has entered a stage of comprehensive growth. The number of wallets, the number of actual investors, the scale of asset issuance, and the level of real trading activity are different indicators. If all shares remain concentrated in one wallet, although the scale of on-chain assets increases, public data is still insufficient to show that the holder base has broadly expanded.
For investors, the relationship between tokenized funds and the price of XRP should also be distinguished. sgBENJI represents fund shares, while XRP is the native digital asset in the XRP Ledger ecosystem. An increase in fund shares does not mean that the market directly bought an equivalent amount of XRP, nor can it alone be used as a basis for predicting an increase in XRP's price.
Overall, the main significance of this issuance lies in Franklin Templeton's continued expansion of the share scale of its tokenized money market fund on the XRP Ledger, while also highlighting the relationship between institutional custody, investor identity identification, asset transfer permissions, and on-chain transparency. What needs to be observed going forward is not only the issuance scale, but also the actual holder structure, the scope of product availability, and whether related applications can continue to develop.